Subject to the hearing provisions of §§ 11-309 and 11-310 of this subtitle, the Commission may deny a license to an applicant or discipline a licensee in accordance with this section. The Commission may deny a license to any applicant for any reason that the Commission considers sufficient. The Commission may reprimand any licensee or suspend or revoke a license if the licensee violates: this title; a regulation adopted under this title; or a condition set by the Commission. The Commission shall suspend or revoke a license if the applicant or licensee fails to: keep records and make reports of ownership of stock that are required under § 11-314 of this subtitle; or make a reasonable effort to get affidavits required under § 11-314(b) and (c) of this subtitle. The Commission may impose a penalty not exceeding $5,000 for each racing day that the licensee is in violation of subsection (c) of this section: instead of suspending or revoking a license under subsection (c)(1) of this section; and in addition to suspending or revoking a license under subsection (c)(2) of this section. To determine the amount of the penalty imposed under paragraph (1) of this subsection, the Commission shall consider: the seriousness of the violation; the harm caused by the violation; and the good faith or lack of good faith of the licensee. A penalty imposed on a licensee shall be paid from the licensee’s share of the takeout.